EURUSD Attempts Rebound from Lows, Stays Beneath 1.1100 Level

EURUSD Attempts Rebound from Lows, Stays Beneath 1.1100 Level

EURUSD Price Analysis – December 23

The EURUSD pair rose in the US session and showed a new daily high at 1.1095, remaining below the level of 1.1100. It stays near the top on a quiet day ahead, while price movement is expected to remain low ahead of short holidays.

Key Levels
Resistance Levels: 1.1280, 1.1200, 1.1130
Support Levels: 1.1040, 1.0981, 1.0879

EURUSD Long term Trend: Bearish

EURUSD is recovering on Monday from the support level of 1.1070. It is necessary to restore the price above the level of 1.1130 to restore the bullish momentum.

In anticipation of the second half of the American session, it is likely to continue to consolidate between levels 1.1075 and 1.1090. Falling below the level of 1.1055 may clear the way for the bears. The following support can be seen at 1.1040.

EURUSD Short term Trend: Ranging

There is no change in the EURUSD trend since it stays above the support level of 1.1040. Its intraday bias stays neutral, and further advancement is slightly likely.

On the other hand, overcoming the level of 1.1200 may shift the bias back upward for the 100% forecast of the level at 1.0879 to 1.1178 from 1.0981 to 1.1280 in the following. However, a breakout of the level of 1.1040 may return the target to support level 1.0981.

Instrument: EURUSD
Order: Buy
Entry price: 1.1090
Stop: 1.1040
Target: 1.2000

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.